Island View to be relaunched for collective sale

The freehold condominium Island View on Jalan Mat Jambol, Pasir Panjang will be relaunched on March 5, with a $575 million reserve price.

The price is unchanged since the previous tender launched in September. PropNex claims that the reserve price of $575 million is currently being lowered to $532 millions, and 60% of owners are already in favor. To take effect, the lower reserve price proposal would need at least 80% support from owners.

The 72-unit project in District 5 covers 309,543 square feet. According to URA’s Master Plan 2019 the site has been zoned residential with a plot ratio of 1.4.

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After considering the bonus balcony area of 7% and the land improvement charges, the current reserve price is $575 million. This translates into a land rate per plot ratio of $1.634 psf.

Island View’s initial collective sale ended on October 19, 2023 with no bids. Due to a more cautious market, it is strategic to lower the reserve price.

In 2023, developer sales reached a low of 15 years, while financing costs remain high. Private home buyers have been more cautious in recent months, adopting a wait and see attitude.

Island View offers developers the opportunity to purchase a large site in the city’s fringes and benefit from future Greater Southern Waterfront developments.

Island View could be redeveloped up to five stories high, and 402 new units could be created based on a unit size average of 100 sqm or 1,076 square feet.

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Island View’s collective sale will end at 2pm on 16 April.

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